Cruden Group saw turnover fall six per cent to £141million in the year to March 31.

Pre-tax profits at the construction company more than halved from £4.3m to £2.1m as margins on residential units fell.

Kevin Reid, managing director of Cruden Investments, said: "Given the turmoil in the property and construction sector in the past 12 months, it is satisfactory to be able to report a positive bottom line.

"Cruden was not over exposed to the residential market place, with only a small amount of stock product available across the country."

In recent months, the company has won public sector projects for Glasgow Housing Association, Dunedin Canmore Housing Association and the athlete's village for the 2014 Commonwealth Games.